Berkshire Makes Modest Q1 Changes in Holdings; Portfolio Up Sharply in First Half of Q2

Berkshire Hathaway (BRK.A) shareholders hoping for major purchases of publicly traded stocks during the market meltdown of the first quarter are likely to be somewhat disappointed by the details of the 13F Report that the company submitted to the SEC this afternoon. The report shows that Berkshire made relatively small purchases during the first quarter in Burlington Northern Santa Fe (BNI), Johnson & Johnson (JNJ), Nalco Holdings (NLC), US Bancorp (USB), Union Pacific (UNP), and Wells Fargo (WFC) while trimming positions in CarMax (KMX), Conoco Phillips (COP), Constellation Energy (CEP), and United Health Group (UNH).

Please note that the 13F report only covers holdings that trade in the United States. The report includes shares of foreign issuers only if those shares are held as ADRs that trade on a United States stock exchange. Shares that trade on foreign exchanges are not reported on this form. Therefore positions such as POSCO, Swiss Re, Tesco plc, and BYD are not covered in this analysis.